The reforms have far-reaching implications for Lawyers, Accountants, and Real Estate Professionals, who will be required to take a more active role in deterring money laundering and terrorist financing.
The Attorney General’s Department noted on 1st May 2024:
Australia is one of a handful of countries that are not meeting the Financial Action Task Force’s requirement to regulate lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones [tranche two entities].
The announcement also notes the other counties besides Australia that have failed to yet regulate tranche 2 entities:
“Out of more than 200 jurisdictions, Australia is now one of only 5 jurisdictions in the FATF Global Network, alongside China, Haiti, Madagascar and the United States, that do not regulate tranche-two entities.”
This article from lawyers Piper Alderman is an excellent summation of this process and its implications.